In sharp contrast with the buoyant economic dynamism observed in most other areas of the world, slow growth and persistently high unemployment have been characterizing the European Union (EU) economy for a number of years. This report investigates some of the possible causes of this poor...

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Last year’s International Collaboration Project had helped to highlight several key determinants of potential growth in the European Union (EU): basing upon growth accounting techniques, the main difference between the EU and the US had been shown not to rest on total factor productivity...